Astronics Q3 Results Miss Street View; Sees Q4 Revenue Below Consensus

  • Astronics Corp ATRO reported a third-quarter FY21 sales increase of 5% year-over-year to $111.84 million, missing the consensus of $114.07 million.
  • Loss per share widened to $(0.23) from $(0.17) in 3Q20, missing consensus of $(0.16).
  • Sales by segments: Aerospace $95.78 million (+16% Y/Y) and Test Systems $16.1 million (-32.9% Y/Y).
  • Loss from operation reduced to $(4.49) million from $(8.99) million a year ago.
  • Adjusted EBITDA was $2.84 million with a margin of 2.5% for the quarter.
  • The gross margin expanded by 120 bps to 15.4%.
  • SG&A expenses were reduced by 10.1% Y/Y to $21.73 million and, as a percentage of sales, reduced by 327 bps to 19.4%.
  • Astronics cash used in operating activities year-to-date was $18.5 million, compared to cash provided $31.51 million a year ago.
  • Bookings for the quarter were up 88% Y/Y $153.4 million, resulting in a book-to-bill ratio of 1.37. Backlog at the end of the quarter was $354.4 million, up 13% sequentially.
  • Q4 Outlook: Astronics expects revenues of $115 million - $118 million, below the consensus of $119.6 million. The company expects shipping volume to continue to strengthen as it moves into 2022.
  • Price Action: ATRO shares are trading lower by 0.34% at $14.50 during the premarket session on Monday.
Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceSmall CapBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!